TORONTO, July 3, 2026, 13:10 EDT – MDA Space Ltd. (TSE:MDA) saw its stock climb on the Toronto Stock Exchange Friday, as the company's New York listing remained closed for the Independence Day holiday. The dual-listed space technology firm's shares traded at C$58.82, up C$1.09 or 1.9%, providing the sole regular trading price for the day.
The TSX operated under normal Friday hours from 9:30 a.m. to 4:00 p.m. EDT, while the NYSE marked July 3 as Independence Day observed. This distinction is particularly relevant for MDA, which added its U.S. listing in March to attract American investors. Friday's official price originated from the Canadian market.
At the time of the quote, the bid stood at C$58.80 and the ask at C$58.88. Options data from the Montreal Exchange indicated 30-day historical volatility at 56.91%. In the options market, 94 call contracts and 36 put contracts had traded. Call open interest totaled 9,332 contracts, while put open interest stood at 3,405.
Despite the day's gains, MDA's stock remains 13.4% below its 52-week high of C$67.90 and has surged 182% from its low of C$20.85 for the year. Google Finance lists a market capitalization of C$8.21 billion based on 138.75 million outstanding shares.
Contract Wins and Backlog Growth
The single-day equity value increase of approximately C$151 million represents about 22% of the C$688 million contract MDA recently secured from the Canadian Space Agency. That contract, announced last week, accounts for roughly 19% of MDA's first-quarter backlog. The company said the deal involves a synthetic aperture radar satellite along with launch services, ground control, security, and data infrastructure. MDA plans to book the order in its second-quarter backlog. CEO Mike Greenley noted that investments in the MDA CHORUS program will bring "world leading technologies" to Canada.
MDA ended the first quarter with a C$3.7 billion backlog. First-quarter revenue reached C$464 million, up 32% year-over-year, while adjusted EBITDA came in at C$91 million, representing a 19.5% margin. The company maintained its 2026 outlook unchanged.
Blue Canyon Acquisition Adds Pipeline
On June 19, MDA announced its intention to acquire Blue Canyon Technologies from RTX Corp. (NYSE:RTX) for US$620 million in cash, approximately C$874 million, funded through senior secured debt. The acquisition is expected to add about C$4.9 billion to MDA's opportunity pipeline while keeping 2026 pro-forma leverage within its target range of 1.5 to 2.5 times. Greenley described the deal as "expected to accelerate our growth strategy."
Market Context and Analyst Views
Canada's main stock index received a boost from broader market sentiment. Softer U.S. jobs data pushed gold prices higher and reduced expectations for a rapid U.S. interest rate hike. "Lower rate expectations weaken the U.S. dollar," said Matt Manara, executive vice president and portfolio manager at Avenue Investment Management.
Analyst opinions on MDA remain mixed. Bruce Murray labeled the stock "risky" on Stockchase on June 30, warning of volatility. Conversely, Larry Berman on June 22 placed the stock's trend in a C$60 to C$65 range, stating, "This seems to have legs."
The broader TSX Composite index traded 0.86% higher at 35,268.35 as of 12:54 EDT. MDA shares mostly traded near session highs throughout the day, though the options market remained relatively quiet given the stock's 56.91% historical volatility.
